Istanbul Financial Center Regulation Published
Istanbul Financial Center Regulation (Regulation) was published and entered into force on 7 July 2023. Regulation sets out the procedures and principles for the management and operation of the Istanbul Financial Center (IFC) and the issuance of participant certificates for operating within the IFC office area, as well as the implementation of the Law No. 7412 on the Istanbul Financial Center.
As per the Regulation, obtaining a participant certificate has become mandatory for operating in the IFM office area and benefiting from the provisions of Law No. 7412 and other relevant legislation. It was stipulated that the Presidency’s Financial Office is authorized to evaluate and handle participant certificate applications, including its content, suspension, cancellation, and all related processes.
Regulation highlights the establishment of a “One-Stop Office” to expedite processes such as activity permits and similar applications for participants and candidates.
TVF IFC Real Estate Construction and Management Joint Stock Company which was established by Türkiye Wealth Fund has been authorized for a period of 20 years to manage the operation and all kinds of administrative activities of the IFC as per the Regulation.
You can reach the full text of the Regulation here (only available in Turkish).
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